Oil Prices Fell 2 Percent on Friday

Time: 5:46 p.m. CEST

Oil prices fell more than 2 percent on November 25, Reuters reports because of the uncertainty after Saudi Arabia said, “It will not attend talks on Monday with non-OPEC producers to discuss supply cuts.”

Reuters says, Brent crude futures were trading at $47.79 a barrel at 10:51 a.m. ET, down $1.21 U.S. crude futures was at $46.84, down $1.12Overall activity on both contracts was thin after the U.S.

Thanksgiving holiday and ahead of the weekend. Saudi Arabia will miss the meeting with non-OPEC producers about limits supply as the top OPEC oil exporter wants to focus on reaching consensus in the organization. Regardless, Russia will attend lower-tier talks on November 28 in Vienna before the OPEC ministerial meeting on November 30, a Russian source said to Reuters.



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.